Artificial Intelligence is one of the fastest growing areas of computer science, with a wide range of applications. Artificial intelligence refers to the ability of a computer to think and learn like a human. The applications of artificial intelligence have already pervaded many industries, bringing potential benefits that have been predicted to double the annual economic growth rate in several developed economies in the future. A majority of the currently used AI applications are built around so-called “weak” AI agents, which exhibit cognitive abilities in some areas. Artificial intelligence applications ranging from chatbots to autonomous cars are transforming many industries and societies by bringing benefits such as increased efficiency, new products and a reduction in repetitive tasks.

According to BCC Research estimates, the global artificial intelligence market was valued at $REDACTED billionin 2017. The global artificial intelligence market is forecast to reach $REDACTED billion by 2023, growing at a compound annual growth rate (CAGR) of REDACTED%. The growth of the artificial intelligence market is being driven largely by factors such as increasing computing power, the increasing availability of big data for learning, and the development of smarter and better algorithms. However, the market for artificial intelligence is being restrained by factors such as a lack of skilled labor and data privacy issues amongconsumers.

For purposes of this report, the global market for artificial intelligence was segmented based on technology, deployment, organization size, end-user industry and geography. Based on technology, the market has been classified into machine learning, natural language processing, computer vision and expert systems. Based on deployment model, the artificial intelligence market has been segmented into cloud and on-premise solutions. Cloud deployment, which currently dominates the market, accounted for revenues of $REDACTED billion in 2017. The cloud deployment segment is expected to grow at a CAGR of REDACTED% and is forecast to reach nearly $REDACTED billion by 2022. Based on organization size, the global artificial intelligence market has been categorized into large enterprises and small and medium-sized enterprises (SMEs). Large enterprises currently dominate the adoption of artificial intelligence solutions and are expected to maintain their dominant position over the forecast period due to their large volumes of structured data and their skilled workforces.

Based on end-use vertical segments, the artificial intelligence market has been classified into aerospace and defense, automotive, agriculture, BFSI, government and public services, healthcare and life sciences, IT and telecom, energy and utilities, manufacturing, retail, media and entertainment, and others. The BFSI segment was the most dominant industry vertical, with a value of $REDACTED million in 2017. The BFSI segment is estimated to grow at a CAGR of REDACTED% and is forecast to reach over $REDACTED billion by 2023. In the financial sector, artificial intelligence is being used for applications such as customer service, fraud detection, algorithmic trading and cybersecurity. Financial firms collect massive amounts of data. Using AI tools such as deep learning and machine learning, these companies can gain actionable insights that have the potential to affect productivity, decision making, efficiency and profits. Healthcare and lifesciences is expected to be the fastest growing end-user segment of the artificial intelligence market. Artificial intelligence solutions in healthcare have transformed the ways in which healthcare services areprovided. In this sector, artificial intelligence is being used for a wide range of applications including disease detection, management of chronic conditions, delivery of health services and drug delivery.

Report Scope:

In this report, the market has been segmented based on technology, deployment, organization size, end-user industry and geography. The report provides an overview of the global market for artificial intelligence and analyzes market trends. Using 2017 as the base year, the report provides estimated market data for the forecast period 2018 through 2023. Revenue forecasts for this period are segmented based on deployment, organization size, end-user industry and geography. Market values have been estimated based on the total revenues of software and solution providers.

The report covers the market for artificial intelligence with regard to application sectors in various geographic regions. It also focuses on the major trends and challenges that affect the market and the vendor landscape. The report estimates the global market for artificial intelligence in 2017 and provides projections of the expected market size through 2023.

Based on technology, the global artificial intelligence market is segmented into machine learning, natural language processing (NLP), computer vision and expert systems. Based on deployment mode, the global artificial intelligence market is divided into on-premise deployment and cloud deployment. Based on organization size, the artificial intelligence market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. Market segmentation by organization size is based on the number of employees in each type of organization. The SME segment includes enterprises with 10 to 500 employees, and organizations with more than 500 employees are considered to be in the large enterprise segment. Based on industry verticals, the market is segmented into manufacturing; banking, financial services and insurance (BFSI); healthcare and life sciences; retail; IT and telecom; government and defense; manufacturing; energy and utilities; and others. By region, the market is segmented into North America, Europe, Asia-Pacific and RoW (Rest of World). Revenue forecasts for the period 2018 to 2023 are provided for all the previously mentioned segments of the artificial intelligence market, with estimated values derived from software and solution providers’ total revenue.

The report also includes a chapter describing the major players in the market. It explains the major drivers, competitive landscape and current trends in the artificial intelligence market. The report concludes with an analysis of the artificial intelligence vendor landscape and includes detailed profiles of the major players in the global machine learning market.

Note: This report provides market estimates only for the software component of the artificial intelligence market.